USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.71% against the JPY, on Friday, and closed at 80.03.
The IMF reported that the Japanese economy is now seen shrinking by 0.7% this year compared to the 1.4 % expansion projected in April.
In Japan, on Friday, the department sales declined by 2.4% (Y-o-Y) to ¥482.0 billion in May. Additionally, this morning, the trade deficit rose to ¥853.7 billion in May following a revised ¥464.8 billion deficit in April.
In the Asian session at 3:00GMT, the pair is trading higher from Friday’s close at 23:00 GMT, by 0.15%, at 80.15.
The first short term resistance is at 80.54, followed by 80.92. The pair is expected to find support at 79.89 and the subsequent support level at 79.62.
Trading trends in the pair today are expected to be determined by release of leading economic index and coincident index in Japan.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
